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Apr 17, 2013
04/13
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i don't know if we can get back to what is a normalized environment. what does that even mean? i can't value it. i don't know how to value. >> i think it's interesting, the mainstream press. the front page of the washington post is the spring swoon and how we cannot seem to escape this economic decline and we've seen the past couple of springs and the front page of the journal is walmart and kohl's taking more time to pay their supplier, a trend they say is getting worse. those are not marginal positives, jim. i look at bank of america. i look at j.p. morgan and i say i'll pay 83.5 for 50,000 j & j. the trade is i don't want to mess with the stuff. proctor, look, he's making the quarter. he's going to make the quarter. >> raw costs coming down and coca-cola, by the way. raw costs are coming down, but they will come down. another one that is just where people are hiding. david, it's hide and don't seek. >> it is, but to carl's point, we've come out of the last few years and animal spirits start to feel strong. >> right. underlying economic growth is strong and everyone is revisi
i don't know if we can get back to what is a normalized environment. what does that even mean? i can't value it. i don't know how to value. >> i think it's interesting, the mainstream press. the front page of the washington post is the spring swoon and how we cannot seem to escape this economic decline and we've seen the past couple of springs and the front page of the journal is walmart and kohl's taking more time to pay their supplier, a trend they say is getting worse. those are not...
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May 21, 2013
05/13
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still don't know the margins are under pressure and we know it's an incredibly competitive pricing environment. >> john malone took it in cable. >> yeah, but a great time to borrow enormous sums of money and leverage up a bit and cable and broadband is different than the wireless wars that take pla place. we've seen this happens with carlos lemon and kpn. the assets have looked attractive and they have to mean doubling down on these. and frankly, averaging down, exactly, and ultimately they just keep looking at these with an eye towards the long term and underperformance in the near-term. >> the question at vodafone and what kind of pressure does the shareholder base does it do to sche sit down and negotiate. they're saying now is the time, but to your point, kelly, when you have such a weak business otherwise, what do you get when you sell your price asset. we'll see. >> how can you come to the table with the position of strength when it is so obvious that the core business is doing. >> these guys, verizon really wanted to get something done, but we shall see. >> verizon is so much small are
still don't know the margins are under pressure and we know it's an incredibly competitive pricing environment. >> john malone took it in cable. >> yeah, but a great time to borrow enormous sums of money and leverage up a bit and cable and broadband is different than the wireless wars that take pla place. we've seen this happens with carlos lemon and kpn. the assets have looked attractive and they have to mean doubling down on these. and frankly, averaging down, exactly, and...
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May 8, 2013
05/13
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it's a tough environment for our customers and citizens. we're working really hard at protecting people and their information. >> good morning. we're live here at post 9 of the new york stock exchange. the dow is almost exactly flat at 15,056. down just one-tenth of a point here, of course, as we crashed into positive territory earlier this morning. we continue to watch the dow at record levels above 15k. s&p is up to 1,628. and the nasdaq is up. jc penney reporting another quarter of weakening sales. they did report cash levels higher than expected. and from the clothing shelf to the grocery shelf, whole feeds by 3 # cents. revenue is in line. the company is announcing a two for one stock split. let's get the road map for the last hour. coke is pledging to help combat obesity. find out if that could help keep shares healthy as well. we'll get richard fisher's latest thoughts on monetary politician, inflation and more. plus, something it's not been able to do in nearly a decade, return $100 billion to shareholders. we'll start tw the dow co
it's a tough environment for our customers and citizens. we're working really hard at protecting people and their information. >> good morning. we're live here at post 9 of the new york stock exchange. the dow is almost exactly flat at 15,056. down just one-tenth of a point here, of course, as we crashed into positive territory earlier this morning. we continue to watch the dow at record levels above 15k. s&p is up to 1,628. and the nasdaq is up. jc penney reporting another quarter of...
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Apr 25, 2013
04/13
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colgate is saying this is not a choppy environment, it's a good environment. proctor used the word choppy. i use the word choppy when i'm in my 17-foot boston whaler and i'm about to head out. i don't want to hear choppy. i want to hear smooth. >> another name that sort of sounds a lot like colgate, at least in tone from the numbers, is hershey. beats by 5 cents. twizzlers, rees, kitkat, volume up 7 versus 5. some of these commodities get a little easier. >> i read your tweet. i have to tell you, one of the things that's amazing about hershey's, they are literally talking about the specific line extensions of the kitkats and twizzlers that make it so their numbers are really going up. at the same time raw costs going down, hershey's a new company, we all watched this stock triple. we keep thinking when is it going to run out. answer is as long as they keep innovating, as long as raw costs go down, hershey can still go higher. looking for par, general wall street gibberish for $100. >> i find this fascinating. i can go back not that many years ago when kraft di
colgate is saying this is not a choppy environment, it's a good environment. proctor used the word choppy. i use the word choppy when i'm in my 17-foot boston whaler and i'm about to head out. i don't want to hear choppy. i want to hear smooth. >> another name that sort of sounds a lot like colgate, at least in tone from the numbers, is hershey. beats by 5 cents. twizzlers, rees, kitkat, volume up 7 versus 5. some of these commodities get a little easier. >> i read your tweet. i...
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Jan 22, 2013
01/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> s.e.c. has gotten a bad rap in recent years. the agency was highly criticized for the mishandling of the madoff scandal. now they're trying to use new technology and creating specialized units to combat fraud. our gary kaminsky got rare access inside the asset management unit. >> things are definitely changing for sure. i pent some time with bruce karpati. his unit is responsible for investigating allegations of fraud committed by investment adviser and there are approximately 10,000 advisers overlooking $40 million of assets. he contributed to bring 147 enforcement actions against investment advisers just last year. >> i would imagine a mission statement here is free markets, fair markets. explain to me how the department that you're overseeing puts that mission statement to work
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> s.e.c. has gotten a bad rap in recent years. the agency was highly criticized for the mishandling of the madoff scandal. now they're trying to use new technology and creating specialized units to combat fraud. our gary kaminsky got rare access...
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Nov 26, 2013
11/13
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if you're expecting increasing yields from a rising yield environment and floating rate, you won't get it in 2014. it's still too early in the fed's cycle to be expecting that kind of outcome. >> all right. jeff, important point. thank you so much for joining us with that and other thoughts. we'll see if "paranormal activity" is a hit with clients, as well. we'll be tweeting outlook segments from the top analysts, strategists, economists, and more. find out all of their views on twitter if you search for the hashtag #squawk2014. click on it and read what they have to say. >>> take a look at the luxurious heart-shaped island. well, according to reports, this island was, in fact, a birthday present from angelina jolie to brad pitt for his 50th birthday, because, of course, the man doesn't already have everything. we'll tell you how much it reportedly went for, next on the show. [ bagpipes and drums playing over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free t
if you're expecting increasing yields from a rising yield environment and floating rate, you won't get it in 2014. it's still too early in the fed's cycle to be expecting that kind of outcome. >> all right. jeff, important point. thank you so much for joining us with that and other thoughts. we'll see if "paranormal activity" is a hit with clients, as well. we'll be tweeting outlook segments from the top analysts, strategists, economists, and more. find out all of their views on...
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Apr 23, 2013
04/13
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company growing the total addressable market improving profitability and it improves the competitive environment even more. i think you have a great, virtuous cycle that's kicking in. >> that cuts to the fundamental question about netflix whether it's growing fast enough to pay for the international expansion and to pay for the content bills that it's rack up. >> if you look in detail at these figures who which you have to still, the loss overseas is $77 million and the negative free cash flow is 42 million, tony. >> there are a couple of things that have gone on in this quarter. one, we do see these improvements in the use of accounts payable which in the cash flow and the u.s. streaming business scale better which should provide more cash flow and the dvd business is not declining as fast and these guys are managing the business pretty well. if i can on the international, it's down, but not down as much assy we expected and the way to think about that is maybe these international markets are getting to profitability sooner than expected and it may not be as big of a drag as people thought goin
company growing the total addressable market improving profitability and it improves the competitive environment even more. i think you have a great, virtuous cycle that's kicking in. >> that cuts to the fundamental question about netflix whether it's growing fast enough to pay for the international expansion and to pay for the content bills that it's rack up. >> if you look in detail at these figures who which you have to still, the loss overseas is $77 million and the negative...
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Apr 30, 2013
04/13
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we continue to be in this oxygen-rich environment of monetary accommodation, and likely according to steve's survey and we will probably agree we'll see that well into 2014. so it is somewhat of an artificial environment, but at some point the economy will be self-sustaining and we have not seen that yet. although the fed has been successful in raising prices. we have not been able to get a sustained, economic growth we've probably seen that downshifted here in the second quarter. we would stay away from fixed income at this point. >> jim, the fed has been clearly very good at raising asset prices and that's why we're near record highs on the s&p. they have not been able to prevent inflation because the fed's preferred inflation measure, core pci is now 1.1% and that is way below the target 2% again. four years into the battle to prevent deflation. >> hopefully we're starting to see that in the increasing housing prices and i don't think the threat of deflation is off the radar screen and it's still something that we should consider. in look at monetary accommodation is more afraid o
we continue to be in this oxygen-rich environment of monetary accommodation, and likely according to steve's survey and we will probably agree we'll see that well into 2014. so it is somewhat of an artificial environment, but at some point the economy will be self-sustaining and we have not seen that yet. although the fed has been successful in raising prices. we have not been able to get a sustained, economic growth we've probably seen that downshifted here in the second quarter. we would stay...
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Dec 16, 2013
12/13
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it is not just obviously buybacks, it is also dividends in this incredible low-yielding environment. the ability of companies to borrow at extraordinary low rates, that's been the store are i. >> ask the fed if they stopped buying bonds, we are supposed to lose that prop. the companies are flush. if the economy is getting better, they are just going to keep buying. >> you mentioned verizon, by far the strongest component on the dow. that upgrade, if, in fact, if sprint gets encouraging feedback from regulators about the t-mobile, does that put the rest of the players in a better position regarding prices. >> anything that makes it so there is no more price wars. i thought it was interesting when that article came out on saying there might be a deal. davis sits here every day saying there might be a deal. there might be a deal. why don't they say, according to david faber, who spoke about it every day this week, why don't they say that. >> david faber inc has said every day, there might be a deal. >> you and i have had that conversation more in the realm of based on what i know. certa
it is not just obviously buybacks, it is also dividends in this incredible low-yielding environment. the ability of companies to borrow at extraordinary low rates, that's been the store are i. >> ask the fed if they stopped buying bonds, we are supposed to lose that prop. the companies are flush. if the economy is getting better, they are just going to keep buying. >> you mentioned verizon, by far the strongest component on the dow. that upgrade, if, in fact, if sprint gets...
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Apr 16, 2013
04/13
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so volumes were flat, you know, in the environment that they're dealing with, it's not bad. it's a sequential improvement versus what they did in the fourth quarter. they drive a huge piece of their volume and they've got a lot of big businesses in traditional western and southern europe een marks where the economists are doing very poorly. i think they're working incredibly hard. flat isn't a bad result. germany continues to be the better performer out of these marks although great britain was also up which was somewhat encouraging and markets like spain and italy and to a lesser extent, france, they just got so many economic headwinds, flat is not that bad and it's the new up, as they say. ? your price target is $43 which is basically where we are at the moment and what is the best way of making the best dividend in your you know verse. they've had a phenomenal run and we're seeing everybody move in and each with the move today coke is still slightly underperforming the group and there's been this fun flow issue. what you have to look at is some of the staples names and th
so volumes were flat, you know, in the environment that they're dealing with, it's not bad. it's a sequential improvement versus what they did in the fourth quarter. they drive a huge piece of their volume and they've got a lot of big businesses in traditional western and southern europe een marks where the economists are doing very poorly. i think they're working incredibly hard. flat isn't a bad result. germany continues to be the better performer out of these marks although great britain was...
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Oct 30, 2013
10/13
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"there are inherent security risks with not having all code tested in a single environment. finally the system requires rapid development and release of hot fixes and patches so it is not always available or stable during the duration of the testing. secondly, the security contractor has not been able to test all security controls in one complete version of the system. if you look in the first part, which is most troubling at all, it says "due to system readiness issues, the security control assessment was only partly completed. this constitutes a risk that must be accepted before the marketplace day one operations." so let me tell you what you did. you allowed the system to go forward with no encryption on backup systems. they had no encryption on certain boundary crossings. you accepted a risk on behalf of every user of this computer that put their personal financial information at risk because you did not even have the most basic end-to-end test on security of the system. amazon would never do this. proflowers would never do this. kayak would never do this. this is comple
"there are inherent security risks with not having all code tested in a single environment. finally the system requires rapid development and release of hot fixes and patches so it is not always available or stable during the duration of the testing. secondly, the security contractor has not been able to test all security controls in one complete version of the system. if you look in the first part, which is most troubling at all, it says "due to system readiness issues, the security...
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Jul 19, 2013
07/13
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it does help exits, but it make it is a tough environment to invest money in. so for us a little backup in rates is a good thing. >> okay. and so you're there in montana, i understand, with some news for us this morning. >> yes. well, the blackstone charitable foundation is going to announce this morning that a commitment of $2 million to something called launchpad here in montana, which -- where we work with the university systems to set up offices and counseling for students to start businesses and the idea is we want students to view new businesses, entrepreneurial careers as a career path, and i think it will be great for the state because we hope it will keep people here and create jobs. we've worked with the white house. we've committed to do six of these around the country. this is our fifth. our last one will be in california, and we're very excited about it. we're getting a great reception here in helen a. >> we're talking about a fair number of kids, 30,000 in montana alone will have access. and you don't necessarily need to be a business major, right
it does help exits, but it make it is a tough environment to invest money in. so for us a little backup in rates is a good thing. >> okay. and so you're there in montana, i understand, with some news for us this morning. >> yes. well, the blackstone charitable foundation is going to announce this morning that a commitment of $2 million to something called launchpad here in montana, which -- where we work with the university systems to set up offices and counseling for students to...
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Oct 11, 2013
10/13
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and i don't think the retail environment is going to improve and turn around here overnight. as goes fall, a lot of times that's how holiday goes. you could continue to see retail challenged into the fourth quarter. however, a couple things to know about for gap in particular for the month of october. one is september was challenged in part because they shifted a pretty significant sale event out of september into october because of the change of how they're flowing some of the product. the other thing is you have sandy, an easier comparison. >> and it's got colder as well. john, we're out of time. briefly before you go, how do i make money at the moment? >> right now you buy gap. it's a fabulous opportunity with the pullback. it's less than 12 times estimates. >> john morris joining us from bmo capital markets. >> what a day yesterday. stocks soared on optimism with a potential deal from washington but with no actual deal on the table, how do you position yourself now heading into the weekend? the answer on that next. >> and the former ge ceo jack welch sounded off on "squaw
and i don't think the retail environment is going to improve and turn around here overnight. as goes fall, a lot of times that's how holiday goes. you could continue to see retail challenged into the fourth quarter. however, a couple things to know about for gap in particular for the month of october. one is september was challenged in part because they shifted a pretty significant sale event out of september into october because of the change of how they're flowing some of the product. the...
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May 1, 2013
05/13
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he says the economic environment is mixed. they're maintaining a cautious outlook on the environment as they have throughout the year and they're not changing their outlook for 2014. a little bit of color on what they saw from the consumer in the first quarter. they said consumer spending in the u.s. was sta strong at the start of the year and started to cool in february as concerns of higher taxes and some of the economic data had an impact on consumer confidence. he did say with housing prices improving that could translate into higher spending. however, he did say that the outlook for the second quarter in the u.s. looks, quote, dodgy. in europe he said growth in europe is slow ask mixed. we develop countries and seeing higher spending there with some of the e merging markets in europe or developing markets in europe. in asia, consumer confidence is improving. however, he did say that the outlook for china is mixed right now and that will have imp implications not only for europe, but also for the rest of asia if china grow
he says the economic environment is mixed. they're maintaining a cautious outlook on the environment as they have throughout the year and they're not changing their outlook for 2014. a little bit of color on what they saw from the consumer in the first quarter. they said consumer spending in the u.s. was sta strong at the start of the year and started to cool in february as concerns of higher taxes and some of the economic data had an impact on consumer confidence. he did say with housing...
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147
Aug 5, 2013
08/13
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how do we get back to an environment where we are reversing to trend? and draghi doesn't have the answers to that because he can't have the answers to that. they lie in the political fear, not in the central bank sphere. >> we'll leave it there. >> have to go. appreciate your views and we'll come back to both of you as we follow this narrative. >> in less than 30 minutes from now major league baseball expected to suspend alex rodriguez likely through the end of the 2014 season. we'll assess the impact with the han that wrote the textbook on the business of sports coming up next. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even better than you expected. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account
how do we get back to an environment where we are reversing to trend? and draghi doesn't have the answers to that because he can't have the answers to that. they lie in the political fear, not in the central bank sphere. >> we'll leave it there. >> have to go. appreciate your views and we'll come back to both of you as we follow this narrative. >> in less than 30 minutes from now major league baseball expected to suspend alex rodriguez likely through the end of the 2014...
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Apr 22, 2013
04/13
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we're helping the environment. there have been studies where our emissions have gone down. hard partly because of the slowdown and partly because year starting to use natural gas. >> i think he would be a great acquisition to your team. >> i'm ready. >> carl, back to you. >> before you go, i know you've got some pictures to share with us. a lot of people may not realize just what kind of weather the midwest got over the past week. >> i'll tell you what, the first two pictures, folks, the santellis at 5:30 in the morning, my wife and i made it through the first two pictures. we call it dead man's curve. it's right down the street from my house. see the problem is, certain suburbs had five inches, other suburbs had eight inches between wednesday and thursday. many suburbs had over ten inches of rain. and the problem in my uncorporated area of having 35 miles west of the city, very rural, wasn't my house. we planned. you know, we had backups. i have sump pumps that can probably empty lake michigan in an hour, okay? the problem is it's the arteries to go places. couldn't go any
we're helping the environment. there have been studies where our emissions have gone down. hard partly because of the slowdown and partly because year starting to use natural gas. >> i think he would be a great acquisition to your team. >> i'm ready. >> carl, back to you. >> before you go, i know you've got some pictures to share with us. a lot of people may not realize just what kind of weather the midwest got over the past week. >> i'll tell you what, the first...
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Jun 25, 2013
06/13
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the release seems to indicate that in that environment people will shift to a.r.m.s and not necessarily a bad thing and is that true? >> well, i don't know about. a r.m a. --arms, but they are still low, and people are juiced by the interest rates, because they believe they may go higher, but they want to buy because of the mortgage rates. if you were ben bernanke, you say, wow, it is out of control and i have to raise the fed's fund rate. >> well, he has to before too long. ben is probably congratulating himself that qe3 has worked. >> well, i mean, literally, i mean, there are just not enough homes, right? you can't get the increase with the supply and the demand, and either too many homes off on the sidelines owned by the investors or the home builders can't put them up fast enough? >> that is the true, and always been true, and that is what made the boom happen. in the boom, home builders were going as fast as they could and a couple of years for the supply to come online. >> but where are we on the affordability given this rise of rates particularly over the last month or so, and t
the release seems to indicate that in that environment people will shift to a.r.m.s and not necessarily a bad thing and is that true? >> well, i don't know about. a r.m a. --arms, but they are still low, and people are juiced by the interest rates, because they believe they may go higher, but they want to buy because of the mortgage rates. if you were ben bernanke, you say, wow, it is out of control and i have to raise the fed's fund rate. >> well, he has to before too long. ben is...
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102
Feb 19, 2013
02/13
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it's been 16 years since they said no, but as you mentioned, the environment has changed since then. >> i'm not sure that you could do such a configuration. it would be nearly an impossible feat here, given the fact that the market share of the number two and three are smaller. it is seen as a life saving deal. staples, unclear what its fate will be in this whole situation. but i think as far as the three-company deal, we haven't seen anything like that ever. >> i was thinking maybe staples and one of the others, not necessarily all three together. >> oh, okay. we'll have to wait and see at this point. >> kayla, thank you very much. >> let's send it over to josh on the market thrash, the search company not having a good day. >> carl, google keeps trucking higher. as you guys have mentioned, hitting a new all-time high today. the russian google, a different store. check out the yen-dex this morning taking a dive. the yandex says fourth quarter profits jumped to as it grew ad revenues but that missed expectations. yandex, which is ahead of google in the russian market, investors unhapp
it's been 16 years since they said no, but as you mentioned, the environment has changed since then. >> i'm not sure that you could do such a configuration. it would be nearly an impossible feat here, given the fact that the market share of the number two and three are smaller. it is seen as a life saving deal. staples, unclear what its fate will be in this whole situation. but i think as far as the three-company deal, we haven't seen anything like that ever. >> i was thinking maybe...
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Mar 8, 2013
03/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> dow is up 41. take a look at the heat map here. one stock that's helping that today is definitely h&r block. >> carl, hrblock up big this morning on solid volume here. reporting bigger than expected quarterly loss. but also said its cost cuts were made on track. said it expects significant earnings and margin expansion in fiscal 2013. the stock, of course, has been on a tear up some 70% in just the past 12 months. >> all right, thanks, josh. pandora's ceo joseph kennedy announcing he will soon leave the company. kennedy says he will remain ceo until a replacement is found. our julia boorstin sat down with him in an exclusive interview following the announcement last night. >> carl, kennedy told me that after nine years running pandora it's time for him to go and recharge his batter
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> dow is up 41. take a look at the heat map here. one stock that's helping that today is definitely h&r block. >> carl, hrblock up big this morning on solid volume here. reporting bigger than expected quarterly loss. but also said its...
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Oct 24, 2013
10/13
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we're in a low inflation, modest-growth environment. but stocks, because valuations are still reasonable, still below the historical average, you know, i think that the gains are in for this year, 1650 to 1,700 is our year-end target for the s&p 500. i feel comfortable that's where we're going to go. i don't think we're going to see much follow through this year. but by the end of 2014, i think you'll see the market 1,900, somewhere in there. >> we have profitability on an 84-year high. that cannot be sustainable over the long, can it? at some point you have to question that profitability. >> well, i think so but i think right now, you know, margins are at record highs. and what really -- simon, what we really need, if you believe and the facts are that 50% of the revenues from the s&p 500 come from overseas, if we just see a little bit of improvement out of europe, which i think we're going to see a little bit of improvement out of the emerging world, a little bit of growth here, that's how you get to the 5%, 6% earnings growth that's
we're in a low inflation, modest-growth environment. but stocks, because valuations are still reasonable, still below the historical average, you know, i think that the gains are in for this year, 1650 to 1,700 is our year-end target for the s&p 500. i feel comfortable that's where we're going to go. i don't think we're going to see much follow through this year. but by the end of 2014, i think you'll see the market 1,900, somewhere in there. >> we have profitability on an 84-year...
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Aug 15, 2013
08/13
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this is a good place to be even in a cautious environment. i think our estimate for the full year going into the report was 5.25 which is still within their guidance. i realize consensus was a bit higher than that. but we actually found some things to be positive about in the quarter. we like the fact that looked like traffic and comps in the u.s. were improving during the quarter. even though the international operations still have a lot of work to do. other they're focused on that. >> bud, we are talking about a company that cut its sales forecast though in half, a big cut. >> cut it short by about $14 billion. about a third of that is -- a third of that is currency related. but you're right. sales forecast. >> i understand. >> right. >> you sound quite dismissive of sort of any sense of bad news here. you upgraded the stock a month ago. surely you had to be surprised by these results. >> we were not -- we were obviously surprised a bit by the cut in guide again. but remember, what the company said on their call is they're really forecastin
this is a good place to be even in a cautious environment. i think our estimate for the full year going into the report was 5.25 which is still within their guidance. i realize consensus was a bit higher than that. but we actually found some things to be positive about in the quarter. we like the fact that looked like traffic and comps in the u.s. were improving during the quarter. even though the international operations still have a lot of work to do. other they're focused on that. >>...
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Jul 9, 2013
07/13
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. >> do what you can do in an environment like this. interesting, days like today, calm before the storm. alcoa, difficult to say anything of upcoming earnings. they're weighing in. but fairly soon we are going to start to get a better sense and it will become much more important one would expect to the overall market environment particularly, again, given what are we'll see mixed expectations certainly when it comes to the bottom line and we'll be focused on top line. what will it really say when you have so many investors grappling with the inputs and looking at the bond market, not just the stock market and understand what's going on and then back to china with an alcoa, for example. >> well, there -- >> almost there in terms of real data points we can -- >> if you look through the lines of business that tell you about the broader environment and marked down the numbers, for example, for europe. i mean, the number of times that claus would say things looking better in the u.s., revised higher for autos and this, that and the other an
. >> do what you can do in an environment like this. interesting, days like today, calm before the storm. alcoa, difficult to say anything of upcoming earnings. they're weighing in. but fairly soon we are going to start to get a better sense and it will become much more important one would expect to the overall market environment particularly, again, given what are we'll see mixed expectations certainly when it comes to the bottom line and we'll be focused on top line. what will it really...
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Jun 5, 2013
06/13
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is this an environment where bad news is? >> it's interesting that you say. that i've been using the phrase bad news is good news for the market. it dwefrs the consequences of the tapering program that much chatter has been dedicated to i think, yes, we're starting to get rationalization relative to expectations where this data is not encouraging regardless of the fed's influence and there's increasing concern that the influence is waning. and that's evidence in the second quarter economic data which will clearly come in below where we were in the first quarter. >> you tried to put numbers on risk reward here. you think changss of a downslide versus a continued runup, about three times greater for the idea that stocks correct rather than continue to climb. why is that? and to what degree, as you say, you're raising cash as we see evaluations expand. what do you sell first. ? >> you sell anything overtrending. you have to look at the risk and reward. there's 10% of upside. there's 30% downside. i have an old saying. sell when you can, not when you have to. you
is this an environment where bad news is? >> it's interesting that you say. that i've been using the phrase bad news is good news for the market. it dwefrs the consequences of the tapering program that much chatter has been dedicated to i think, yes, we're starting to get rationalization relative to expectations where this data is not encouraging regardless of the fed's influence and there's increasing concern that the influence is waning. and that's evidence in the second quarter...
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Jul 16, 2013
07/13
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a lot of it is the macro environment, but a lot of oit is weath -- a lot of it was weather. i hate to say weather, but it was. and the point is that we continue the take share. >> talked about a wet season around the world. monsoon season in india and weather in the states and currency, too, jim, forecasting for hit they will take on the currency later this year. >> i want to know if it was raining on their side of the street and sunny on pepsico's, and yesterday they were all-time high and this is the proven model, you need more than just drinks. and i think that by the way, the number one drink in india is mountain dew which is pepsico, and we will see if the rain affected mountain dew sales. coca-cola is a great american company and when you listen to the quarter, you absolutely believe and when you listen to gary who is terrific, you expect more from the company, and they do, too, and they will readjust and it is not sell. >> and the weather, this is one of the advantages of having done it for a long time, and i don't recall weather being an issue with coca-cola in the p
a lot of it is the macro environment, but a lot of oit is weath -- a lot of it was weather. i hate to say weather, but it was. and the point is that we continue the take share. >> talked about a wet season around the world. monsoon season in india and weather in the states and currency, too, jim, forecasting for hit they will take on the currency later this year. >> i want to know if it was raining on their side of the street and sunny on pepsico's, and yesterday they were all-time...
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Jan 8, 2013
01/13
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the risk is to the down side, because we've still got the big macro economic environment. there are still plenty of people who think the debt ceiling issues could be a debacle. february 15th, a little earlier than expected, a lot of people floating ideas that moody's might downgrade the u.s. debt sometime this quarter, if there's no grand bargain that ever appears, and that looks increasingly unlikely. i'm in the camp that the risk is to the down side on the stock market right now. earnings today, as you just mentioned here, look, the question has been whether or not putry was the trough in earnings that things would get better from here. it's going to be modest improvement. q4 isn't looking that great. we're only looking at roughly 3% improvement in earnings. that's not great. top line growth has been nonexistent throughout last year. q3 top line growth was zero. zero. we haven't seen that in a long time. you want to know how weird that is? the ten-year eenaverage is 7%. maybe it will be 3%. that's the hope. it's coming down as we're going in. so we may be at a trough in
the risk is to the down side, because we've still got the big macro economic environment. there are still plenty of people who think the debt ceiling issues could be a debacle. february 15th, a little earlier than expected, a lot of people floating ideas that moody's might downgrade the u.s. debt sometime this quarter, if there's no grand bargain that ever appears, and that looks increasingly unlikely. i'm in the camp that the risk is to the down side on the stock market right now. earnings...
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Oct 15, 2013
10/13
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>> well, from our perspective, you've got a pretty healthy environment from a transactional point of view, you've got a continuing low cost of capital. the outlook for that is pretty good, you've got economic growth at the same time. if you can find transactions that represent good overall value and you're disciplined and you don't overpay, it's still a very good time to transact. access to capital is there, both in the credit and equity markets. i think it's a pretty good time to be a buyer and not just a seller. >> it's a good time not to be selling apparel, which you guys don't sell. give me your take on the consumer right now. you come on and you always tell us sort of how it feels. how does it want to sound too optimistic, but i think the reality is the consumer's pretty healthy. the consumer's been continuing to save. you see the activity in the banks. a lot of people -- a lot people have refinanced their mortgages. they've got a little more access to cash than they had before. unemployment is -- it's not been rising, obviously it's been falling slowly, but falling. so people f
>> well, from our perspective, you've got a pretty healthy environment from a transactional point of view, you've got a continuing low cost of capital. the outlook for that is pretty good, you've got economic growth at the same time. if you can find transactions that represent good overall value and you're disciplined and you don't overpay, it's still a very good time to transact. access to capital is there, both in the credit and equity markets. i think it's a pretty good time to be a...
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Aug 6, 2013
08/13
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so it becomes a very great kind of an environment for us to operate in. it also means we have probably a little better -- >> what about the other side -- >> -- better loan growth as well. >> during the crisis, of course, many banks, includingier o ieyo had to borrow some money. have you been able to capitalize on what had been a major drop of interest rates to refinance and is that unique to zions bank or have most regional banks ended up doing enough while the window was open? >> well, we've been doing a lot of refinancing of both debt but also preferred stock. we have a lot of preferred stock that has been refinanced, repriced, and that will help a lot. we still have -- there's still opportunity even with rates where they are today to do more, but i think all banks have been working pretty hard on refinancing higher cost debt and preferred. >> well, harris, one of the big topics is the taper. let's dig down into something very specific, the purchases of mortgage-backed securities by the fed. now, i'm not sure, but what is the portfolio of mortgage-backe
so it becomes a very great kind of an environment for us to operate in. it also means we have probably a little better -- >> what about the other side -- >> -- better loan growth as well. >> during the crisis, of course, many banks, includingier o ieyo had to borrow some money. have you been able to capitalize on what had been a major drop of interest rates to refinance and is that unique to zions bank or have most regional banks ended up doing enough while the window was...
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Nov 22, 2013
11/13
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but in a low valuation environment with cheap money, you're certainly -- >> low valuation environment? many would say we're not at low valuations. >> a couple of things on that. from our portfolio, we're trading 12 1/2, 10 1/214, 15 times earnings, so the companies are cheaper. if we look at the broader market, 14, 15 times earnings on 2014 and 2015 numbers, if you look over the history of time, low interest rate scenarios, when interest rates are between 3%, 6%, the market averages 17 to 18 times earnings. everybody is talking about, what will happen if inflation rears its head, or interest rates rise, and what will happen through tapering? one of the things to realize, multiples in the markets don't fall off until actual real inflation -- not even expectations -- but actual real inflation goes above 4%. that's when multiples go from 17 times to about 14 times. we have a long ways to go. the fed has said when the expectations get to 2.5%, they'll start tightening, but that's a long way off. >> similar argument by david tepper, a similar hedge fund than yours. you've had a great year.
but in a low valuation environment with cheap money, you're certainly -- >> low valuation environment? many would say we're not at low valuations. >> a couple of things on that. from our portfolio, we're trading 12 1/2, 10 1/214, 15 times earnings, so the companies are cheaper. if we look at the broader market, 14, 15 times earnings on 2014 and 2015 numbers, if you look over the history of time, low interest rate scenarios, when interest rates are between 3%, 6%, the market averages...
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Oct 31, 2013
10/13
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multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. ♪ i always feel like somebody's watching me ♪ >>> gas prices are hitting new lows. what does it all mean for the consumer? let's bring in david dillon, chairman and ceo of kroegger, t nation's largest grocery store chain. mr. dillon, this food stamps thing kind of snuck up on everybody. what will be the impact really? >> the impact is significant to the customers who rely on food stamps to pay for their food. after all, that's an obvious necessity. at kroger, we don't expect the impact to be significant. so much so that we confirmed our guidance for sales and earnings yesterday for the rest of this year and th
multiply that across over a thousand locations, and they'll provide the same benefit to the environment as over 60,000 trees. that's a trend we can all get behind. the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. ♪ i always feel...
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May 23, 2013
05/13
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we have to think about the interest rate environment. at 2% it may rise slowly over time. we expect that to happen. but sort of modestly higher. it still looks attractive. we also have to think of dividend yields. so we look at the yield environment, that would suggest that target. >> area where is you could be wrong, if interest rates really spike. >> interest rates. if the economy is weaker, doesn't have a recovery as we are currently anticipating. margins have been level for the last two years basically. not expecting them to go down. we're not expecting the recession when margins typically fall. there's certainly risks out there. i'm not suggesting they don't exist. take it into perspective in may. 2013, middle of this year, generally things are getting better. housing is improving. those are the metrics that we look at on a fundamental basis. >> david, thank you for your time. now one of the namesout performing is hewlett-packard. that stock is skyrocketing after beating expectations. it was already a best performer in the dow, adding 14% today. meg whitman joined dav
we have to think about the interest rate environment. at 2% it may rise slowly over time. we expect that to happen. but sort of modestly higher. it still looks attractive. we also have to think of dividend yields. so we look at the yield environment, that would suggest that target. >> area where is you could be wrong, if interest rates really spike. >> interest rates. if the economy is weaker, doesn't have a recovery as we are currently anticipating. margins have been level for the...
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Feb 6, 2013
02/13
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it's a typical john malone deal, one would argue, for this kind of environment, where investors seem willing to at least embrace a levered equity. there's john. levered equity story in what is a core market. free cash flow accretive right off the bad. shareholders own 36% of the combined company. you know, there's just a lot here. as i reported yesterday, they were back and forth for quite a long time, in part because the prices were moving all over the place. virgin media shares actually shot up. they broke apart. they were able to come back when liberty stock prices also started to follow up. look at that move up. how could you want more? well -- >> greedy. >> by the way, why didn't they do this deal a few years ago? unclear exactly. but they've gotten it together at virgin media. they were not for sale, so they needed to be convinced to actually entertain this. again, we do keep your shareholder base focused on the future of the company. the free cash flow number is going to be huge, not to mention the net operating loss, $10 billion. they're domiciling this combination in the uk,
it's a typical john malone deal, one would argue, for this kind of environment, where investors seem willing to at least embrace a levered equity. there's john. levered equity story in what is a core market. free cash flow accretive right off the bad. shareholders own 36% of the combined company. you know, there's just a lot here. as i reported yesterday, they were back and forth for quite a long time, in part because the prices were moving all over the place. virgin media shares actually shot...
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Apr 18, 2013
04/13
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it's a tough environment. this is an economy that allow earnings to continue to grow. >> we knew margins were going to be a challenge getting into the year. do any of the warnings, any of the rust bell guidance that has come down give you any concern about capex which has been one of the bull's big arguments? >> not too much. when i look at the guidance, the guidance is negative relative to recent history. but when it comes to margins, we think we'll see 3% productivity growth in the first quarter. that is not bad. this is an economy in which we vice president seen much productivity growth to this point. i think it's picking up a little bit here. i think that will ret up a little bit. we're not looking for explosive earnings growth. we'll go to a 5% pace over the next year or two. and the next big economic bump. and that should be good enough for the oil prices. >> it wasn't too long ago that people were putting three handles on. we had strategists putting aggressive targets on year s&p. does any of the data l
it's a tough environment. this is an economy that allow earnings to continue to grow. >> we knew margins were going to be a challenge getting into the year. do any of the warnings, any of the rust bell guidance that has come down give you any concern about capex which has been one of the bull's big arguments? >> not too much. when i look at the guidance, the guidance is negative relative to recent history. but when it comes to margins, we think we'll see 3% productivity growth in...
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Apr 19, 2013
04/13
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we hold the meaning of patriots day in history and the boston marathon to celebrate that in a family environment in a fun way. other people look at us differently. they look at patriotism as their enemy. they look at inon sense americans as targets. we are in a war here and we've got to deal with it accordingly. >> mayor, if you had to pinpoint some of issues, you bring up some of the difficulties in some of the ways that americans have to grapple with the idea of losing freedom, but also the idea of making sure that you feel secure in any of these areas. we talked to an analyst this morning who pointed out that the largest population of north secaucus former residents have to be in watertown, massachusetts, this is where this is all taking out and you live in a town that's a melting pot and has been for a long time. does that make it more difficult? >> boston area diversity has always been its strength, a large, young, student population, many from foreign countries have been our strength over the past years, over the past many years, but today we are vulnerable from international terrorist org
we hold the meaning of patriots day in history and the boston marathon to celebrate that in a family environment in a fun way. other people look at us differently. they look at patriotism as their enemy. they look at inon sense americans as targets. we are in a war here and we've got to deal with it accordingly. >> mayor, if you had to pinpoint some of issues, you bring up some of the difficulties in some of the ways that americans have to grapple with the idea of losing freedom, but also...
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Jun 26, 2013
06/13
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finish the point. >> i said nobody is against the environment. we're all for the environment. it's just a question of having some balance in the program, and we're going to need more pipeline in this country one way or another just to fuel the natural gas plants that are going up and the increased usage for natural gas as a heating fuel. >> let me ask because it's an extremely important point and one i can't understand. why is the price of oil still at $97 a barrel when other inflation proxies, if you look at silver, which is also an industrial metal, have collapsed when frankly we're talking about concerns about china and when there's never been so much supply purportedly when it comes to oil here in this country. why are we still at $98 a barrel? >> well, i would say two reasons. one, we haven't done the complete switch from oil to natural gas. that's going to take time as a transport fuel. it's going to take time as an electric fuel. i mean, we are in a business now of producing natural gas as a transport fuel and we're selling electricity because we anticipate much lower p
finish the point. >> i said nobody is against the environment. we're all for the environment. it's just a question of having some balance in the program, and we're going to need more pipeline in this country one way or another just to fuel the natural gas plants that are going up and the increased usage for natural gas as a heating fuel. >> let me ask because it's an extremely important point and one i can't understand. why is the price of oil still at $97 a barrel when other...
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Oct 29, 2013
10/13
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the environment continues to be, you know, an okay one for us to continue to thrive. we see solid pricing for the fourth quarter. we see solid pricing for next year. we are -- we just finished our call with the investors and our -- >> sure. >> -- and are expecting significant earnings in 2014. >> the next big event is the launch of the "4000 getaway" based in miami. you haven't said anything about 2014 till the earnings call. what are you now saying about earnings? >> sure. you know, normally, i would have said it's a little premature to be talking too much about 2014. we're in a reasonably good book position, consistent with prior years the first quarter is a little bit different, because we're pushing on pricing in the first quarter. so we're gauging that on a daily basis. but having said all of that, when i look at 2014 from an overall standpoint, we expect to grow from our midpoint of our guidance for 2013 by over 60% in 2014, and i think that's quite spectacular, and it's just another indication of our journey from good to great with our brand, and the consistent
the environment continues to be, you know, an okay one for us to continue to thrive. we see solid pricing for the fourth quarter. we see solid pricing for next year. we are -- we just finished our call with the investors and our -- >> sure. >> -- and are expecting significant earnings in 2014. >> the next big event is the launch of the "4000 getaway" based in miami. you haven't said anything about 2014 till the earnings call. what are you now saying about earnings?...
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Jul 12, 2013
07/13
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the company said on the call that they expect a rising rate environment and a rising rate environment willing very good for their earnings. we think it's a positive for jpmorgan. it's a positive for a wells fargo. and then if you go to the trust companies, it will be a significant positive because they're going to start to be able to charge on their money market rates. >> charlie, everyone salivating over the prospect for higher rates and what it will mean, what it will do for their earnings. are we jumping ahead of ourselves? look at the ten-year today. it's already come back down towards 2.5%. >> yeah, that's a great point. i would say six months ago, i felt like a contrarian predicting a big increase in interest rates. and now it seems like it's overwhelming consensus, almost to the point of being a dangerous overwhelming consen s consensus. i do absolutely believe the ten-year is going to 4 % relatively quickly. you're right, if that ends up being wrong, that's got some implications. >> david, what about the effects of the falling value of some of these bonds on the balance sheet?
the company said on the call that they expect a rising rate environment and a rising rate environment willing very good for their earnings. we think it's a positive for jpmorgan. it's a positive for a wells fargo. and then if you go to the trust companies, it will be a significant positive because they're going to start to be able to charge on their money market rates. >> charlie, everyone salivating over the prospect for higher rates and what it will mean, what it will do for their...
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Aug 1, 2013
08/13
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it's a positive environment for people to think about long-term investing and they're doing so. >> i thought this tweet perfectly encapsulated what's on a lot of people's minds. sure, the safe haven persona of the bond investor will move into a stock market at all-time highs, sure. >> again, you know, there is a normal tendency -- forget the stock market is at all-time highs. think about the 10, 12-yir type of returns. you have to think about things in perspective. we're going to talk i know about the bond market and we'll talk about what i see in the bond market, but in terms of trying to invest in equities, it's the same theme you reminded me was a year ago where we heard out of europe we're going to do whatever and that started the liquidity boom and there's no reason to think stock isn't going to be a great asset stock. >> even after up 20% for the year? >> you can't think of it that way. we have a lost decade. >> people are nervous about things that sound dangerously familiar. some of these instruments built around rentals, for instance. dangerous or not? >> putting on my former
it's a positive environment for people to think about long-term investing and they're doing so. >> i thought this tweet perfectly encapsulated what's on a lot of people's minds. sure, the safe haven persona of the bond investor will move into a stock market at all-time highs, sure. >> again, you know, there is a normal tendency -- forget the stock market is at all-time highs. think about the 10, 12-yir type of returns. you have to think about things in perspective. we're going to...
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Jun 19, 2013
06/13
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we've said in the past this is an artificial environment. i think all the market participants, including myself, would like to get back to a normal environment where we don't have an economy that's supported by massive monetary accommodations. so, yes, it has influenced behaviors, decision making. that's why risk assets are trying to push investors around the globe into risk assets to get the economy back on its feet. you know, they have pledged that they will continue to have 0% interest rates until employment is at 6.5%. i think the challenge for the fed is they're still the only player on the field, and we still have yet to see really fiscal policy come in to help stabilize the economy so that they can remove themselves from the market. but it does make decision making that much more difficult in that consequence, but i think you will see investors as the economy is improving pivot to more growth. >> how have you allocated your own portfolio? are you playing the game? is it stocks? is it bonds? what are you guys doing with your capital? >
we've said in the past this is an artificial environment. i think all the market participants, including myself, would like to get back to a normal environment where we don't have an economy that's supported by massive monetary accommodations. so, yes, it has influenced behaviors, decision making. that's why risk assets are trying to push investors around the globe into risk assets to get the economy back on its feet. you know, they have pledged that they will continue to have 0% interest rates...
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Nov 12, 2013
11/13
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but we are in a slow growth environment, likely to stay in that environment for longer and that's going to make the environment more challenging for investors and policy makers. >> chad, what do you make of rates moving up here? the 10-year has bounced to 2.8%. what does that imply for what the fed does and the path equities take? >> i think the federal reserve will try to taper on quantitative easing in march but the 10-year will start to movie -- move higher. if you have gdp growth of 2.5%, if you have jobs numbers like we had on friday north of 200,000, you'll get that number. the real challenge will be when the economy starts to hit the self-sustaining recovery and the federal reserve tapers or pulls back, that's going to be a difficult time for the long end of the yield curve and that's when the equities markets will get quite sloppy. >> i want to take the other side of that. first of all furk look at what's important, it not when the fed starts to taper first but what does this path look like? we're looking at inflation that you could argue it's under 1% if you look at pce. the jo
but we are in a slow growth environment, likely to stay in that environment for longer and that's going to make the environment more challenging for investors and policy makers. >> chad, what do you make of rates moving up here? the 10-year has bounced to 2.8%. what does that imply for what the fed does and the path equities take? >> i think the federal reserve will try to taper on quantitative easing in march but the 10-year will start to movie -- move higher. if you have gdp...
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Jul 11, 2013
07/13
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by the time we get into the early part of next year the economic environment especially around the world will look better than it does right now. >> we'll talk more -- today we really need to get out on time because you will just be so upset. >> you'll be taking more of my time. >> exactly. >> make sure you join us tomorrow. "squawk on the street" is next . >> the dow is set to open its all-time closing high as the chairman speaks real slow and soothes fears about monetary policy. welcome, welcome to "squawk on the street" and i'm carl quintanilla with jim cramer and nice to have jim back from vacation and the timing could not be better. as you know, on squawk, he'll join us from hq in a moment and take a look at futures. bernanke has managed to make stock bulls happy, gold bulls happy and the ten-year settling back to 2.57 earlier this morning and gold back to almost at 1300 and its highest since june 24th and then there's oil, wow, up 16% in two weeks and we'll talk about why you should expect sticker shock at the gas station in a few moments. first up, as we said, the dow closed yeste
by the time we get into the early part of next year the economic environment especially around the world will look better than it does right now. >> we'll talk more -- today we really need to get out on time because you will just be so upset. >> you'll be taking more of my time. >> exactly. >> make sure you join us tomorrow. "squawk on the street" is next . >> the dow is set to open its all-time closing high as the chairman speaks real slow and soothes...
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Feb 20, 2013
02/13
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and our tablet, our cell phone, our work pc, our home environment, they all crisscross. so what an attacker is looking to do is find one entry point and use that entry point for trusted relationships back in your environment. so if i can get on your tablet, i can probably use that to get credentials to get to your work pc, and from that, i can continue on my exploits. so it's not as simple as categorizing people off to a given device. >> michael, at the public level, the government level it looks like we're at the very early stages of the security forces talking to business in detail about what each side of that equation is seeing. and in the meantime, if you watch the television, or read the press, it appears as if america is in a state of cyber war with the chinese. where is the fault in that? what has gone wrong that we've reached this state that we're in at the moment where we just seem to all be sitting here, really like sitting ducks? should the industry have done more? should government have been more proactive? what do we have to do to get this right? >> well, i
and our tablet, our cell phone, our work pc, our home environment, they all crisscross. so what an attacker is looking to do is find one entry point and use that entry point for trusted relationships back in your environment. so if i can get on your tablet, i can probably use that to get credentials to get to your work pc, and from that, i can continue on my exploits. so it's not as simple as categorizing people off to a given device. >> michael, at the public level, the government level...
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Jun 21, 2013
06/13
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this is a fantastic environment. on the supply side, it's still excellent but keep an eye on the rising pricing. that's the one thing that could slow things down next year, but for this year so far this is just looking like an outstanding environment with mortgage rates at 4%. i think 6% very unlikely. the fed will act. >> i'm still worried about what's going on right here but we've already seen the ten-year back to the 2.5%. jeff gundlach was saying maybe it won't happen this year. the question is whether it's sustainable, whether we stay here. bob, thank you, sir. >>> big news from the conference board, it will no longer provide economic data in advance to news organization because they think people are profiting unfairly from the information. eamon javers was first to break this story and he joins us from washington. >> good morning, simon. you may remember back on may 28th we brought you the news there was some unusual trading ahead of the conference board's release of the consumer confidence index. we looked at
this is a fantastic environment. on the supply side, it's still excellent but keep an eye on the rising pricing. that's the one thing that could slow things down next year, but for this year so far this is just looking like an outstanding environment with mortgage rates at 4%. i think 6% very unlikely. the fed will act. >> i'm still worried about what's going on right here but we've already seen the ten-year back to the 2.5%. jeff gundlach was saying maybe it won't happen this year. the...
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Dec 30, 2013
12/13
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. >> that's what you do in this environment. no matter what, you buy back your own stock, $350 million. i have written an op ed about this today. the ceos have spent about half a trillion in the year from october buying back their own stock. for every $2 the fed prints, ceos are spending $1 to buy back their own stock, one reason the stock market has done so well and another reason it is rising in equality. don't forget, bill de blasio will be sworn in on wednesday as the new may yoer of new yoor of. >> we are seeing a continuation of this, would you call it a minicrash in twitter yet? i'm not sure. twitter was down about 2%, 4% in the market. it looked like at the time, guys, it was going to last through year-end. >> 55 to 73 in a very short amount of time. about the amount of days i took off. since i have been back, it has gone down. we have sat here many times and talked about the incredible multiple to revenues. you can't do a multiple earnings at this point given there aren't any. $1.2 billion in fiscal year '14. revenues e
. >> that's what you do in this environment. no matter what, you buy back your own stock, $350 million. i have written an op ed about this today. the ceos have spent about half a trillion in the year from october buying back their own stock. for every $2 the fed prints, ceos are spending $1 to buy back their own stock, one reason the stock market has done so well and another reason it is rising in equality. don't forget, bill de blasio will be sworn in on wednesday as the new may yoer of...
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Oct 21, 2013
10/13
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what we will see between the macro environment and competitive reasons, it is going to be difficult. from the fourth quarter guidance and possibly 2014 guidance, a difficult outlook with the exception of a name like starbucks will hold up pretty well and those that scale to a splitly mother affluent customers. we are in a challenging situation. >> jeff, over the weekend, the journal asked a more profound question about mcdonald's. in an article, they say, have they focused on being healthy or all things to all men. the article suggest they have not had a major innovation. wendy's got the pretzel burger. taco has the dorito rage. is that a major problem for mcdonald's? >> new product is important. for mcdonald's it is a little more difficult to be as nimble as some of the smaller competitors. we thought they had new product news with the mighty wings that got launched recently. we'll get an update this morning. new product is good to drive the business. we could really use some new product news >>> finally, r.j., where would you be putting money if not in mcdonald's? is chipotle still
what we will see between the macro environment and competitive reasons, it is going to be difficult. from the fourth quarter guidance and possibly 2014 guidance, a difficult outlook with the exception of a name like starbucks will hold up pretty well and those that scale to a splitly mother affluent customers. we are in a challenging situation. >> jeff, over the weekend, the journal asked a more profound question about mcdonald's. in an article, they say, have they focused on being...
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Apr 26, 2013
04/13
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we'll be okay in any environment. clearly, what we want is that customers can choose what it is that they want to have when they come to a mcdonald's. we have to satisfy their needs, not our needs. that's the way this business was built and that's the way we'll move into the future. when it comes to the 16-ounce, we think that it is very, very positive that customers get a chance to choose what size beverage they want. i have had conversations with the mayor, and i respect him, and i respect the fact that he believes that government should play a stronger role in that. we just happen to differ in terms of believing that customers can make their own choices and decisions. >> we're in a room where you basically test how quickly you can push out a product, old or new given traffic rates and congestion. there have been complaints about speed of service, various surveys points you not at the top of the list. there have been reports of your own webcast franchisee saying guy, we have to get better about being polite and we h
we'll be okay in any environment. clearly, what we want is that customers can choose what it is that they want to have when they come to a mcdonald's. we have to satisfy their needs, not our needs. that's the way this business was built and that's the way we'll move into the future. when it comes to the 16-ounce, we think that it is very, very positive that customers get a chance to choose what size beverage they want. i have had conversations with the mayor, and i respect him, and i respect...
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Nov 5, 2013
11/13
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if you turn to the front end, it's indicative of a tough macro environment where the consumer is feeling a confluence of factors going on in the u.s. we did see walgreens, who has been a key competitor. overall these guys are still winning across the board. >> we were just talking with cramer about the tailwind that is gas prices. how much does it goose the stock or sales at least? >> if you think about companies like cvs, it's much more of a convenient buy. if you have few more dollars in your pocket, you can potentially spend them at cvs. i think the story at cvs is much more of a health care story than consumer-driven story. as more individuals come into the store, whether it's to pick up your prescription, to visit the minute clinic, you're going to pick up something on the front end. that's really more of the trend here as we move into 2014. >> to put a period on it if you had a choice to buy only wag or cvs, it would be? >> cvs. we think great profits are coming for this company. >> the story will change as we get closer and closer to the pull roll out of the program. thanks a lot.
if you turn to the front end, it's indicative of a tough macro environment where the consumer is feeling a confluence of factors going on in the u.s. we did see walgreens, who has been a key competitor. overall these guys are still winning across the board. >> we were just talking with cramer about the tailwind that is gas prices. how much does it goose the stock or sales at least? >> if you think about companies like cvs, it's much more of a convenient buy. if you have few more...
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Aug 26, 2013
08/13
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it is a tough environment. customers really count on exchanges to really help them navigate this environment. what we're doing with this transaction by taking the best of what each company has to offer and bringing together as well as bringing together the shareholders many of which are among the largest trading firms out there and we'll really be able to do something to help them navigate the environment in a way that works for them and more importantly works to are their customers and investors. >> i have asked whether you will shut any of the exchanges down. you run two exchanges on your own. bats runs two exchanges. that's four. are you going to close any of them or keep them running? >> not at all. we have long been a believer that by having multiple exchanges and ultimate i am platforms or brands if you will, kek be more things to more people. not every trader is the same. not every trading business is the same. whether it is the retail brokerage firms where our exchange does as well and the other exchang
it is a tough environment. customers really count on exchanges to really help them navigate this environment. what we're doing with this transaction by taking the best of what each company has to offer and bringing together as well as bringing together the shareholders many of which are among the largest trading firms out there and we'll really be able to do something to help them navigate the environment in a way that works for them and more importantly works to are their customers and...
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Jan 4, 2013
01/13
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they've gone through cost cutting, everything to fight below the new environment. you want to go for the second best of the world, maybe they have more levers to pull. >> sun trust, like sun trust is -- i mention them -- to mention sun trust in the same sentence as wells fargo is to mention oragone when you're talking about the redskins. we're talking about a college team versus a pro team. >> with all due respect, you can't play with the big boys. >> i think wells fargo, by the way, listen up, goldman, they've spent a fortune taking over this country. you have no idea what they can do if they ratchet back spending. i like wells, but i will say it is outrageous that one company has 30% of the mortgage market, and the only company you can get a loan from in this city. wells fargo took over the world. you want to sell wells fargo, you know, maybe you think the buffett is a seller, maybe he's a buyer, good. the idea of not so great and selling the great, that has never worked for me. it's never worked in my career. >> do you think the earnings prospects are getting be
they've gone through cost cutting, everything to fight below the new environment. you want to go for the second best of the world, maybe they have more levers to pull. >> sun trust, like sun trust is -- i mention them -- to mention sun trust in the same sentence as wells fargo is to mention oragone when you're talking about the redskins. we're talking about a college team versus a pro team. >> with all due respect, you can't play with the big boys. >> i think wells fargo, by...
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Dec 27, 2013
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i'll be very curious to see how the adjustment goes in terms of a higher rate environment, breaching 3% again. we did see it once before during the course of the year. when it came in may, though, on the first talk of taper, there was a lot of quick adjustments both in the equities markets, emerging markets got crushed, if you recall. it will be interesting to see if we are now all ready for that as we head into 2014. >> ben greenhouse has a note out today that says higher rates go with a recovery, don't get too worried about it. >> that's the key. is there going to be gdp growth more than 1.5 to 2%? >> i'm old enough to know what recoveries look like. in a country of this size you should be getting 10 or 15 announcement as day. that is what a normal recovery looks like. >> let's get more on the record setting rally. let's bring in david cass and thanks to you both for being here this morning. we breached 3%, we're certainly looking for more as we head into next year and we get more taper. is it going to impact the ability of the equity markets to continue to go higher? >> eventually
i'll be very curious to see how the adjustment goes in terms of a higher rate environment, breaching 3% again. we did see it once before during the course of the year. when it came in may, though, on the first talk of taper, there was a lot of quick adjustments both in the equities markets, emerging markets got crushed, if you recall. it will be interesting to see if we are now all ready for that as we head into 2014. >> ben greenhouse has a note out today that says higher rates go with a...
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Mar 5, 2013
03/13
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we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ ...it's my job to look after it. the words are going this way-there's no way. oh, the lights came on. isn't technology supposed to make life easier? at chase we're pioneering innovations that make banking simple. deposit a check with a photo. pay someone with an email. and bank seamlessly with our award-winning mobile app. take a step forward... and chase what matters. >>> history in the making this morning. we hit a record high on the dow, it has recouped all its gains from the financial crisis. >> strong gains for large cap tech. the nasdaq, keep in mind, is still more than 30% away from hitting its all-time interday high. a level hit before the dotcom crash in march of 2000. about 13 years ago. the composite is up on the year, about 5%. but still underperforming the dow and s&p 500.
we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ ...it's my job to look after it. the words are going this way-there's no way. oh, the lights came on. isn't technology supposed to make life easier? at chase we're pioneering innovations that make banking simple. deposit a check with a photo. pay someone...